When You Know You are in Safe Hands

In today’s rapid lifestyle, we often overlook the purchase of health insurance. You need it, you want it, but unfortunately, you don’t know enough of it to make a firm decision. As an employer, if you are thinking of facilitating your employees with a health insurance cover, you may be uncertain in the face of something that is saddled with so much of perplexity. Possibilities are that you are unaware of the prized benefits that come with a group health insurance plan that not only secure the health of employees but help the employer to retain talent. This article will dispel all your uncertainties regarding group health insurance-- what it is, how it protects you or how it can be purchased for your team members- irrespective of whether they’re health insurance pro or insurance newbies.

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#Premium may vary on the basis of coverage type & add-ons
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*Premium starting from ₹110/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
#Premium may vary on the basis of coverage type & add-ons
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Disclaimer: The above plans and premiums are for 1 Lakh sum per life per month covering Health and Wellness needs of 7 Employees, 5 Spouse & 2 Kids below 35 years of age. The premium is inclusive of GST and do not cover PEDs & Maternity. Standard T&C Apply PolicyBazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer.

Among the various perks of Corporate Insurance, group health insurance tops the list. It grasps the predominant place due to the irrefutable benefits associated with the plan. In the time of medical inflation or economic uncertainty, it is crucial to have a health plan in place. And it is even more appreciated if your medical expenses are defrayed by a generous benefit package. 

What is Group Health Insurance?

Group health coverage simply refers to a single plan, issued to a group belonging to a common organization that covers all appropriate employees and sometimes their dependents as well. The employer decides a premium price based on the risk factors combining the entire group. By offering corporate health insurance, an employer tends to help its employees for their medical needs.  In India, being an endemic phenomenon, every single organization emphasizes on including medical insurance as a part and parcel of its employees’ benefits. 

Group health insurance

Why You Should Buy Group Health Insurance

Group Health Insurance

Helps in Retaining Talent: Everyone at the time of switching or seeking a new job tends to consider the benefits being provided by the employers health insurance being the most preferred option an employee can look for. At the time of switching, employees do compare all that they were offered by the previous organization and all that is being given by the new one.

Boosts Productivity: With a group health insurance plan, an employee thinks that the employer is taking care of their health along with the family. This in turn offers mental peace which further leads to increased productivity. Overall, it benefits the employer substantially.

Added Health Coverage: Corporate health insurance works as an additional health coverage if the insured has an individual health plan already. This way, one can enjoy health coverage in an extended manner.

Ensures Job Satisfaction: Medical insurance plan offered by an organization ensures job satisfaction of the employees. This encourages the employees to stay with the organization for a longer period. They feel satisfied with the benefits that are being offered by the employer which retains them for a long time.

Helps in Becoming ‘Employee Oriented Company’: Under group health insurance, health benefits are being offered to the employees’ families as well. This way an employer can win the trust of his/her employees as an ‘employee oriented company’ and achieve its employment goals.

Your Rescuer During Medical Emergencies: Similar to other health insurance plans, group health insurance also provides an individual with the desired financial assistance in case of a medical emergency. One single hospitalization is enough to wipe away the entire life savings of a middle class family. With health insurance, one is neither over-burdened financially nor does one have to compromise on the quality of medical care.

Can Ensure Employees’ Loyalty: By seeing the employers giving priorities to respective employees, it urges them to adopt an attitude of showing loyalty towards the employer. This ensures a workplace that comprises loyal manpower. 

Employee health insurance

Top Corporate Health Insurance Plans in India

Plan Name Service Provider Benefits Covered Pre/Post Hospitalization
HDFC ERGO Group Medical Insurance HDFC ERGO

1. Hospitalization costs including room rent, nursing costs, surgeon, consultant fee, anesthetist fee, OT charges, medicine costs, X-ray, dialysis etc.

2. Pre and post hospitalization costs

3. Domiciliary costs

4. Daycare treatment

5. Maternity benefits

6. Dental treatment

7. Spectacles or cost for contact lenses

Pre and post hospitalization cover is offered for a specific time limit.
Star Health - MediClassic Insurance Policy Star Health Insurance

1. Hospitalization expenses including room expenses, medicine and drugs, boarding costs. However, minimum 24 hours of hospitalization is required

2. Cover for non-allopathic treatments

3. 101 daycare treatment

Pre-hospitalization expenses are covered for 30 days and post hospitalization for a specific period of time. 
Future Generali Group Health Insurance Future Generali

1. It covers everything from the time of hospitalization to discharge.

2. Expenses related to blood, OT charges, diagnostic, surgery, anesthesia, x-ray, oxygen, dialysis etc.

3. Avail cashless benefits at network hospitals.

N/A
Apollo Munich Group Health Insurance Apollo Munich

1. Offers coverage for medical treatment of ailments and accidents that require ‘in-patient’ hospitalization.

2. Critical illness cover as an optional cover.

3. Covers diagnostic procedures, surgery, ICU, boarding & lodging and prosthetic expenses

Offered for a specific time-period.
Chola MS Group Health Insurance Chola MS General Insurance

1. Pre and post natal costs

2. Maternity benefits

3. Child coverage from DOB

4. Sum insured is ranging from 30,000 to 10 lakh

5. Local ambulance charges are included

Pre and post illness up to 30 and 60 days respectively.

  

Conclusion

Whether you own a small or huge business, having group health insurance is like icing on the cake! It assists an individual financially during a medical emergency and buying it for the employees can help retain the best talent and increase productivity as well.

Written By: PolicyBazaar - Updated: 26 August 2021
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